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Tips & Advice

What are the benefits of hiring a property management company?

Some of the key benefits of hiring a property management company include:

Better tenants: The best property management companies are skilled at tenant screening. This can help you attract a higher caliber of tenants to your building. Effective tenant screening can bring in tenants who are more likely to pay their rent in a timely fashion, and who are more likely to remain long-term residents of the building. Screening can also provide you with tenants who are less likely to damage the rental property.

Shorter vacancy cycles: If a tenant moves out, it can take awhile to find a qualified replacement. It's in your best interest to keep this vacancy cycle as short as possible, since you won't be earning any money from an empty unit. Skilled property managers can handle the process of finding a replacement tenant quickly and effectively. This results in shorter vacancy cycles.

Freedom from the day-to-day responsibilities associated with property management: If you manage a property yourself, you'll have to deal with things like rent collection, tenant complaints, and maintenance and repair issues. These responsibilities can be bothersome and time-consuming. Hiring a property management company will help you avoid having to deal with these tasks on a daily basis.

Reduced tenant turnover. Tenant turnover can impact the profitability of a rental unit. The best property management companies know how to keep their tenants happy, and happy tenants are a lot less likely to move out of the building and a lot more likely to take reasonable rent increases in stride.

How to find a property manager?

Use the following steps to find and hire a property manager:

Get referrals, or conduct an online search: Start by getting referrals from sources you trust. Be sure to get referrals from multiple sources to avoid bias. You can also conduct an online search to find property management companies that are based in your area.

Check for ratings, reviews, and complaints: Once you're built a list of candidates, check with the Better Business Bureau to see if complaints have been lodged against any of the companies. It's also wise to visit third-party review sites to see what types of ratings and reviews each company has received.

Look at each company's current work. After weeding out those companies with credible complaints and poor reviews, look at the current work of the companies that remain on your list. Evaluate the ads posted by these companies; you'll want to work with a company whose ads project professionalism. Visit buildings managed by these companies, and speak with the tenants. The best property management companies have tenants who are happy with the services they provide.

Conduct interviews with the top candidates: Next, conduct interviews with the property managers who remain on your list. Look for a company with staff members who are responsive to your questions and open to hearing about your priorities and concerns.

Check licensing: At this point, you should have a favorite or two. Before signing on the dotted line, verify that the company is licensed to manage property in your state. In most states, a real estate broker license is required, while a few states require a property management license.

Carefully review the agreement: Once you've been presented with a property management agreement from the company you've chosen, check to make sure it explicitly includes all the duties and responsibilities you'd like the property management company to handle.

Does property management require a license?

In most states, property management requires a real estate broker license. To obtain this license, you need to have a high school diploma or its equivalent, along with at least two or three years of real estate experience. Classes in real estate education are required, as well as passing a real estate broker's exam.In a handful of states, a specific property management license is required before someone can legally manage property. This license is required in Montana, Oregon, South Carolina, and South Dakota.

How much do property management companies charge?

The rates charged by property management companies vary depending on the services provided, and location may also impact the fees charged. Most property management companies charge a rate that totals 8 percent to 12 percent of the property's rental value. Others might charge a flat fee that has nothing to do with rental value, and instead relates to the range of services provided. Property management companies might charge an extra fee for services such as tenant placement and eviction.

What is the job of a property manager?

A property manager is a professional hired by a property owner to handle the day-to-day management of a rental property. A property manager sets rental rates and collects rent from tenants, and is also responsible for finding and screening tenants. Property managers handle property-related maintenance and repair issues, and they can tackle responsibilities related to tenant move-outs, evictions, complaints, and emergencies.

This business's practices are illegal, as a registered MLS Realtor they are required to list all their properties on the MLS site to make it fair to other business's to show these properties. They do not follow these guidelines and leave their owners with vacant properties while they try to fill them on their own. Stay away from them!! Make sure to find a property management company that will actually work with the owner and not leave them high and dry, by avoiding you and not actually placing your property on the main site used by every Realtor to avoid having to pay their measly $200 commission. They also cannot do basic arithmetic which can actually work in your favor so I guess they partially earned 1 star when it should be zero.

I could not agree more about the below 1 star reviews. This company has serious problems and the compaints are still going on and on...it is 2013!!!!We regret didn't see those before. We signed our condo with Joe back in 2008. They have a very unfair contract so once you get hooked up, their only concern is their financial gain or " refer to your contract". The owner, Denise is completely ignoring us and allows Joe to make his own decisions versus represent the will of the property owner. You could argue "we don't understand the contract", but when they have lying employee, sloppy communication and mute/deaf/hartless owner, it is a bigger and deeper problem! We’ve been losing money every year, the current rate is severely below the market price (30%). We were told just now that we have two broken windows since last October that will leak. They never bother to let us know or follow up on any recommendation for repairs.Ritcher refuses to provide any documentation on lease nor change request (because they never documment them), they blame everyone not understanding their “contract”.We strong feel this company is not conducting fair business and request a thorough investigation on their contract and business practices. We also share this information to warn first time landlords. We never walk away from our mortgage but we get deeply hurt by poor property management company.